China accounts for 84% of all blockchain patent applications filed in the world, according to the latest data shared by a government official in the country.
China has remained on the sidelines of the cryptocurrency market. However, the Beijing government has supported the underlying Blockchain technology. The country has actively promoted the use of such technology over the years, so the high percentage of blockchain patents is no surprise.
President Xi Jinping has also played a key role in promoting the nascent Blockchain technology. In 2019, the President called on citizens, tech companies, and ecosystem stakeholders to actively engage and innovate with nascent technology, as it would play a key role in the future of the next industrial revolution.
As we told you earlier, Chinese companies had filed 4,435 blockchain patents within a year of President Xi Jinping’s endorsement of the industry. According to another study, China accounted for about 60% of the world’s blockchain patent applications from 2015 to June 2021, followed by the United States and South Korea.
The figure was released Tuesday by Wang Jianwei, deputy director of the Ministry of Industry and Information Technology. However, the figures did not include the time frame in which these patent applications were filed.
Although China has the largest number of blockchain patent applications, the approval rate is significantly low, with only 19% of the total applications filed being approved. the South China Morning Post reported.
Another important aspect to keep in mind here is that China is not very supportive of decentralization, the same principle that Blockchain technology is based on. This was evident in the development of the country’s digital yuan, in which the central bank developed the national digital currency in the curated version of a blockchain with full control over its operation, rather than using the traditional distributed network approach.
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